New law on economic courts:
Egypt has created a new facility to clear investment and business obstacles. A legal body will be established for speedy settlement of investment disputes. A draft law on specialized economic courts was approved by the cabinet. Dr. Magdy Radi, the Cabinet Spokesman said the draft law would be submitted to the president to be then referred to the Parliament for approval. The new law is aimed at attracting more investments, improving investment climate in Egypt and settling investment-related disputes. Judges of these courts should have a specialized training. Economic courts will examine cases and disputes related to capital market laws, financial leasing, mortgage finance, intellectual property rights, banking system, joint stock companies, insurance, protecting competition and consumer protection. Civil and commercial circuits of these courts will examine commercial contracts with disputes of more than EGP 10 million.